XPEV - Pure play EVs rep 1% of cars sold but 45% of auto industry market cap - Does that add up?

Bernstein does a math check on the electric vehicle sector. The firm says traditional auto OEMs today sell 99% of all cars globally, of which 97% of which are internal combustion engines and 2% are battery electric vehicles. The firm also notes that the 15 largest OEMs have a collective market cap of $1.2T, which is just ahead of the $1.1T market cap for pure play EV vendors like Tesla (NASDAQ:TSLA) which sell 1% of all cars today. Bernstein analyst Toni Sacconaghi: "The thinking - of course - is that pure play EV vendors, will ultimately come to dominate the automotive world. In 2014, they accounted for 15% of all BEVs sold. Today they account for 28%. However, even if they ultimately were to account for 50% of all EVs sold by 2030 – which may be aggressive – it remains difficult to justify their current valuations." Bernstein believes the

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Pure play EVs rep 1% of cars sold but 45% of auto industry market cap - Does that add up?